Sam Bankman-Fried (30), CEO of the bankrupt crypto trading platform FTX, will have to answer to the US judicial authorities. On a crazy day of negotiation in the Bahamas, he decided to voluntarily be extradited to the United States.
Bankman-Fried did not comment on the decision. The US media assumes that Fried does not want to spend months in jail in the Bahamas, where conditions are apparently dire. Fox Hill Prison, where he is currently held, is commonly known as the “prison of hell”.
Lawyer’s advice not followed
On November 11, FTX went bankrupt. The question of how much of Bankman-Fried’s leadership contributed to the economic disaster soon arose. On December 12, the young entrepreneur was finally arrested in the Bahamas archipelago in the Caribbean, where he resides and is where FTX is headquartered. As a result, the US Attorney General formally charged Bankman-Fried with fraud and other misdemeanors.
It was initially said that Bankman-Fried would fight the extradition. He also explained that he may have been naive in his initial statements but could not be charged with criminal activities. But now his demeanor has changed. This is despite the fact that his lawyers in the Bahamas strongly recommend not accepting extradition, as reported by the New York Times.
back and forth for nothing
Bankman-Fried appeared before district court in Nassau, the Bahamas capital, on Monday (December 19th). His lawyer, Jerone Roberts, expressed surprise at the subpoena and requested time for a private meeting with his client. After that, he asked for more time to discuss the case in depth. Thereupon, Bankman-Fried was taken back to prison. But in the end, the lawyer’s maneuvers had no effect: Bankman-Fried wants to appear in court in the United States.
Maybe it’s actually a “hell prison”. It is important to note, however, that a prolonged appeal against extradition may be viewed poorly by the US Attorney General’s Office. This will also have consequences on the amount of the fine.